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Paspaley family expands into hotels and luxury cruises as pearling profits fall
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Paspaley family expands into hotels and luxury cruises as pearling profits fall
The Paspaley family’s business empire, historically built on pearling, has reported a sharp decline in profits as it pivots toward hotels and luxury cruising. According to The Australian Financial Review, new filings show Pearl Corporation of Australia profits halved to $13.5 million in the year to June 30, down from $27.8 million, while revenues dipped slightly to $316.7 million. Hospitality now contributes $55 million, helping offset the slump…
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